In 2015, the Bureau of Labor Services estimated that there were 1,153,490 cases of work-related injuries and illnesses that resulted in missing days from work. This statistic can be scary for both businesses and individuals alike.
For many small businesses and law firms, it’s easy to take on a family-like environment in the workplace. And the last thing any employer wants to see is a valued employee that they’ve grown to know become injured or sick as the result of just doing their job. But it is a reality and Workers’ Comp insurance is there to help ease the burden.
The State of Florida mandates that all businesses with more than 3 employees provide an insurance policy to pay for medical treatment and salary benefits of injured workers. Unlike other types of coverage where you get to choose the ultimate cost via limits, covered events and deductibles, Workers’ Compensation Insurance benefits and rates are set by the State Legislature and the Division of Workers’ Compensation Department of Financial Services. Therefore, you will pay exactly the same base price for this coverage no matter what carrier you choose.